A visit by an oil and gas company spells money! If you possess mineral rights to your property and if your property possesses oil or minerals of substantial worth there are chances for you to break a good handsome deal in exchange of the mineral rights on an oil gas lease.
However, before you sign the dotted line, take care of the following points:
- Check out the antecedents of the oil and gas company.
- Hire a local oil and gas attorney conversant with the state laws regarding the lease.
- Check with your neighbors who might have already struck oil in their properties and get the local rates obtainable for the bonus value and the royalty.
- Be prepared for tough negotiations in order to obtain favorable terms pertaining to the initial term, the bonus and the royalty. Make sure you are suitably indemnified against any accidental loss to your movable and immovable properties.
- Sign only the oil gas lease and not the other minerals.
However, before you sign the dotted line, take care of the following points:
- Check out the antecedents of the oil and gas company.
- Hire a local oil and gas attorney conversant with the state laws regarding the lease.
- Check with your neighbors who might have already struck oil in their properties and get the local rates obtainable for the bonus value and the royalty.
- Be prepared for tough negotiations in order to obtain favorable terms pertaining to the initial term, the bonus and the royalty. Make sure you are suitably indemnified against any accidental loss to your movable and immovable properties.
- Sign only the oil gas lease and not the other minerals.
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